The proven Zacks Rank system focuses on earnings estimates and estimate revisions to find winning stocks. Nevertheless, we know that our readers all have their own perspectives, so we are always looking at the latest trends in value, growth, and momentum to find strong picks.

Looking at the history of these trends, perhaps none is more beloved than value investing. This strategy simply looks to identify companies that are being undervalued by the broader market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being undervalued by the market at large.

Zacks has developed the innovative Style Scores system to highlight stocks with specific traits. For example, value investors will be interested in stocks with great grades in the "Value" category. When paired with a high Zacks Rank, "A" grades in the Value category are among the strongest value stocks on the market today.

Collegium Pharmaceutical (COLL) is a stock many investors are watching right now. COLL is currently holding a Zacks Rank of #2 (Buy) and a Value grade of A.

Value investors also frequently use the P/S ratio. This metric is found by dividing a stock's price with the company's revenue. This is a prefered metric because revenue can't really be manipulated, so sales are often a truer performance indicator. COLL has a P/S ratio of 1.69. This compares to its industry's average P/S of 3.29.

Finally, investors will want to recognize that COLL has a P/CF ratio of 5.51. This metric takes into account a company's operating cash flow and can be used to find stocks that are undervalued based on their solid cash outlook. This stock's P/CF looks attractive against its industry's average P/CF of 10.45. Within the past 12 months, COLL's P/CF has been as high as 8.61 and as low as 5.26, with a median of 6.44.

Another great Medical - Drugs stock you could consider is Jazz Pharmaceuticals (JAZZ), which is a # 2 (Buy) stock with a Value Score of A.

Jazz Pharmaceuticals is trading at a forward earnings multiple of 5.87 at the moment, with a PEG ratio of 0.84. This compares to its industry's average P/E of 58.22 and average PEG ratio of 2.36.

JAZZ's Forward P/E has been as high as 6.87 and as low as 4.97, with a median of 5.62. During the same time period, its PEG ratio has been as high as 1.44, as low as 0.64, with a median of 1.07.

Jazz Pharmaceuticals sports a P/B ratio of 1.88 as well; this compares to its industry's price-to-book ratio of 1.35. In the past 52 weeks, JAZZ's P/B has been as high as 2.27, as low as 1.59, with a median of 1.89.

These are only a few of the key metrics included in Collegium Pharmaceutical and Jazz Pharmaceuticals strong Value grade, but they help show that the stocks are likely undervalued right now. When factoring in the strength of its earnings outlook, COLL and JAZZ look like an impressive value stock at the moment.

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